Act Consistently and Transparently

 

For Pacific Exploration & Production Corp., it is essential to have robust processes and systems that allow carrying out business in a transparent and consistent manner with all of the stakeholders.

The Company’s commitment to the energy sector and to the host countries is to ensure that its policies, guidelines and actions are consistent with Pacific E&P’s Code of Conduct and Corporate Ethics, guaranteeing day-to-day respect for individuals and surroundings, and continually building a sustainable organization, based on relationships of trust.

This commitment relies on six lines of action:

 

Ethics and Business Compliance

For Pacific E&P, acting in an ethic and transparent fashion is a fundamental principle for the proper execution of its activities. Working in an inclusive manner, respecting the surroundings and the stakeholders, enriches the Company and increases its value.

 

Anti-Corruption

The Company has an anti-corruption policy that analyzes and covers the company’s most important risks and guarantees its commitment to the fight against corruption.

 

Internal Audit and Controls

Internal audit and controls have a vital role at Pacific E&P, ensuring that all processes are carried out economically (less time – less cost), efficiently (best use of resources), and effectively (compliance with objectives).

 

Risk Management

Pacific E&P is aware of the risks inherent to the oil & gas industry, therefore, the Company continuously carries out risk analysis at all levels. Pacific E&P annually develops an analysis of the principal risks that can affect the achievement of its business objectives.

 

Transparency in Royalties

Pacific E&P firmly believes that royalties and taxes have the power to transform the environment. Company’s tax strategy consists in supporting the Company’s sustainable growth by making efficient decisions, optimizing costs, and complying with applicable tax legislation.

 

Transparency with the Market

Pacific E&P’s commitment to the stock market is to implement sound corporate governance practices and ensure compliance with shareholder rights. The Company believes it is a priority to disclose the Company’s material information in a timely and transparent manner to the market and to foster an environment of compliance and integrity.

 

Highlights

A record number of 1,349 employees were effectively trained in our Values and Code of Conduct.

Pacific E&P executed an online anti-corruption and fraud program to better serve field and Bogotá based employees. Our goal was to train 700 employees and we successfully trained 1,068.

In compliance with the commitment made to the stakeholders, the Company adhered to the Extractive Industries Transparency Initiative (“EITI”), which requires the Company to disclose financial reports in a timely and transparent manner including detailed information of all payments made in each country of operation.